California Civil Code 2924.9 – (a) Unless a borrower has previously exhausted the first lien …
(a) Unless a borrower has previously exhausted the first lien loan modification process offered by, or through, his or her mortgage servicer described in Section 2923.6, within five business days after recording a notice of default pursuant to Section 2924, a mortgage servicer that offers one or more foreclosure prevention alternatives shall send a written communication to the borrower that includes all of the following information:
(1) That the borrower may be evaluated for a foreclosure prevention alternative or, if applicable, foreclosure prevention alternatives.
Terms Used In California Civil Code 2924.9
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Whether an application is required to be submitted by the borrower in order to be considered for a foreclosure prevention alternative.
(3) The means and process by which a borrower may obtain an application for a foreclosure prevention alternative.
(b) This section shall not apply to entities described in subdivision (b) of Section 2924.18.
(c) This section shall apply only to mortgages or deeds of trust described in Section 2924.15.
(Added by Stats. 2018, Ch. 404, Sec. 12. (SB 818) Effective January 1, 2019.)